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Professional Liability Insurance in Massachusetts

What is Professional Liability Insurance?

For many professional industries, your reputation depends on your ability to use your training, expertise, and experience to successfully guide clients through decisions. When a client follows your advice and suffers a loss, your reputation can be destroyed – along with your finances. Massachusetts professionals can purchase professional liability insurance to help cover the expenses associated with lawsuits due to errors and negligence in your job.

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Professionals across Massachusetts are at risk for lawsuits in today’s litigious society. Every time you work with a client, you are opening up the possibility of offering them advice that leads to a physical or financial loss. With court costs, defense feeds, and settlements, your business could be crippled by the costs, even if you are ultimately found not at fault. Professional liability insurance covers a variety of industries, providing you with the insurance you need to operate your business confidently.

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Why do You Need Professional Liability Insurance Coverage?

Many types of jobs are considered to be a professional service. These include any in which your training, experience, and expertise are drawn on to offer opinions and advice to paying clients. Some common examples include:

- Lawyers
- Medical professionals
- Accountants and financial advisors
- Real estate agents
- Insurance agents
- Engineers and architects
- Software and IT professionals

When you work in these and other professions, a mistake, oversight, or other error can lead to loss of health, life, finances, or property for your clients. Purchasing liability insurance can help mitigate the financial consequences of such an error.

Other Types of Professional Liability Insurance For Massachusetts Business Owners

Because such a wide range of industries are affected by lawsuits against professionals, professional liability policies are typically divided into three types. Choosing the right policy can help ensure you get the right coverage for your business.

Malpractice Insurance helps to provide coverage for doctors and other healthcare providers, helping to provide protection when a patient is injured or killed due to an error or oversight.
Errors and Omissions Coverage is appropriate for most non-healthcare professionals, providing a broad spectrum of coverage for many industries.
Directors and Officers Coverage is specifically for executives and high-ranking employees for lawsuits involving hiring and firing practices, financial responsibility, and similar issues.

Is Your Business Protected?

Professional liability policies typically cover most costs associated with a lawsuit, including settlements and damages up to your policy limits. Your agent can help you find the right policy for you and others in your office for comprehensive financial protection.

Extended Term Limits

Typically, for insurance to cover your claim, your policy must be active when the event occurred and when the lawsuit is filed. This is true of most professional liability policies and is known as a claims-made policy.

However, it is often possible to purchase extended coverage, allowing for lawsuits to be filed beyond your policy expiration date while still providing you coverage. The length of these policies varies, and you should discuss your needs with your insurance agent to determine if this type of coverage is appropriate for your needs.

No matter how good you are at your job, most professionals do make at least one error over the course of their careers. If your client suffers a loss due to your mistake, you can be at risk for large financial losses if they file a lawsuit with the Massachusetts court system. To protect your business from the costs of a lawsuit, consider purchasing professional liability insurance coverage.

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